Which type of life insurance generally provides the least expensive coverage for a temporary period?

Term life insurance is designed specifically to offer coverage for a specified period, typically ranging from one to thirty years, and is characterized by its affordability compared to other types of life insurance. This price point is mainly due to the fact that it provides coverage only for the duration of the term and does not accumulate cash value like whole life, universal life, or variable life policies do.

As a result, term life insurance appeals to individuals seeking cost-effective solutions for temporary needs, such as raising children or paying off a mortgage, without the long-term financial commitment associated with other life insurance types. Its straightforward nature and lack of investment components keep the premiums lower, making it the least expensive option for temporary coverage.